Tax Advisor

Delinquent Taxpayers May Experience Passport Issues

April 17th, 2025|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Delinquent Tax, Tax, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

Let's say a person is planning to take a plane trip out of the country. And further suppose that individual owes the federal government a fair amount of back taxes. [...]

Tying the Knot With Another Company

April 17th, 2025|Categories: Accountant, accountant near me, Burns Firm, Business Asset Sale, Buying a Business, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, M&A, Merger & Acquisition, Sale of Business, Sell Business, Selling a Business, Services, Tax, tax accountant, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , |

Acquiring another company and merging it with your business can be the most efficient way to grow. But many acquisitions don't pay off and it's often management issues — [...]

Claiming Bad Debt Loss Deductions

April 17th, 2025|Categories: Accountant, Burns Firm, Business Deductions, Business Losses, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Debt, Deductions, Tax, tax accountant, Tax Advisor, tax write-offs, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

The issue of individual taxpayers deducting bad debt losses has historically been a source of tension with the IRS. Here's what you need to know to get the best [...]

An Essential Tax Deadline Approaching

April 15th, 2025|Categories: Accounting, Burns Firm, CPA, CPA near me, CPA Texas, Dallas CPA, Estimated Tax, Estimated Tax Payments, Services, Tax, tax accountant, Tax Advisor, Tax Penalty, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s [...]

Do You Qualify for “Head of Household” Tax Filing Status

April 10th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Filing Status, Head of Household, Services, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Filing Status, Tax Preparation, Tax Return, Tax Return Filing, Tax Return Preparer, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some [...]

401 (k) Plan Catch-Up Contributions

April 8th, 2025|Categories: 401K, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Retirement, Retirement Plan, Roth 401K, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , , , |

How big is your retirement nest egg? Too often, people sacrifice retirement savings to afford a bigger home, cover emergency expenses or pay for their children's education. But time [...]

Deduct a Loss From Making a Personal Loan to a Relative or Friend

April 3rd, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Loans, Tax, tax accountant, tax accountant near me, Tax Advisor, tax write-offs, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by [...]

Planning for the Future: 5 Business Succession Options and Their Tax Implications

April 1st, 2025|Categories: Burns Firm, Business, Business Succession Planning, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Succession Planning, Tax, tax accountant, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , |

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to [...]

Businesses: Beware of a 100% Personal Liability Penalty

March 27th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Personal Liability Penalty, Services, Tax, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , |

A "100% penalty" can be assessed against a responsible person when federal income tax and/or federal employment taxes are withheld from employee paychecks but aren't handed over to the government. [...]

Riding the Tax Break Train: Maximizing Employee Transportation Fringe Benefits

March 20th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Fringe Benefits, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s [...]

New ID Requirements for U.S. Travel

March 18th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Drivers License, ID Cards, Tax, Tax Advisor, Texas CPA, The Burns Firm, U.S. Passport|Tags: , , , , , , , , |

You may soon be unable to pass through security checkpoints at your local airport using your current form of identification, even if you're flying domestically. The crackdown is aimed [...]

Dispelling 10 Federal Tax Myths and Misconceptions

March 13th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

In the complex world of federal taxes, myths and misconceptions can lead to costly mistakes and missed opportunities — especially for business owners and high-net-worth individuals. Here's a look [...]

Excess Business Loss

March 11th, 2025|Categories: Burns Firm, Business, Business Deductions, Business Losses, C Corporation, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, NOL, Partnership, S Corporation, Tax, tax accountant, tax accountant near me, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , , , |

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 [...]

The 2024 Gift Tax Return Deadline is Coming Up Soon

March 6th, 2025|Categories: Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Gift Tax, Tax, Tax Advisor, Texas CPA, The Burns Firm|Tags: , , , , , , , , |

If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2024 gift tax return. And in [...]

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